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PTTEP's £1.2bn takeover bid accepted by 91 pct of Cove Energy shareholders

Published: 10:05 01 Aug 2012 BST

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PTTEP reported that its £1.2 billion bid for Cove Energy (LON:COV) has now been accepted by 91.4 percent of Cove Energy’s (LON:COV) shareholders, which means the takeover offer is now unconditional as to acceptances.

The Thai oil and gas group added that the offer is being extended and will remain open for acceptance until further notice and urged Cove shareholders that have not yet accepted the offer to do so “as soon as possible”.

The Thai bid has rapidly gained the support of investors following Shell's withdrawal from the bidding a fortnight ago.

The two large oil and gas companies were previously locked in a takeover battle that was set to go to a sealed auction before Shell dropped its interest.

Cove’s main asset is its 8.5 per cent stake in the world class Rovuma Basin offshore Mozambique, where huge gas discoveries have been made recently.

 

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